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US: Canadian firm Insuraguest is launching through its US subsidiary a $5 million hospitality liability policy.
This deal will be available to select hotels and most importantly, many vacation rental properties, providing a significant addition in coverage limits.
The new policy hopes to become the first line of defence for the various member properties, providing the largest hospitality specific liability programme on the market. It is aiming for availability to American hotels and vacation rentals in all 50 states and Washington DC.
Douglas Anderson, InsuraGuest Chairman and CEO said: “Many policies in this space offer a $1 million aggregate policy limit. We’re raising the bar by offering our member properties up to $5 million in Hospital Liability coverage – one of the largest limits to a policy for the hotels and vacation rentals in the market.”
Insuraguest is also offering a new Blanket Accident Only policy for the hospitality industry on an admitted basis. The policy will be underwritten by the United States Fire Insurance Company, through their subsidiary Crum & Forester, an AM Best A Rated group.
The company focuses on proprietary insurtech, utilizing that platform to deliver unique digital insurance to its clients. It is named after their primary product, which provides custom hospitality liability coverages to both hotels and vacation rentals.
The company is licensed to sell insurance in 48 out of 50 American states, and is expecting approval from the states of New York and New Jersey by the end of June.
Insurance has become a much bigger focus of the global short term rentals market over the past year. Sharing economy insurance specialist Pikl partnered with Hiscox to unveil a sharing economy specific scheme in November, while GUARDHOG has introduced guest protection insurance, to support those hosts targeted by scammers.
